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Questions tagged [utma-ugma]

For questions about UTMA (Uniform Transfer to Minors Act) and UGMA (Uniform Gifts to Minors Act) accounts.

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0answers
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Reimburse Tax expense using UTMA?

The following story is all in Pennsylvania. In 2018 my daughter received a monetary inheritance, significant amount. It was deposited into a savings account that was made into an UTMA. My daughter ...
2
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1answer
63 views

Does the custodian get removed from a UTMA Account when the minor is emancipated?

I have a question about the UTMA rules. If the minor (age 19) gets emancipated through marriage, does the original custodian get removed? Or how does emancipation effect the UTMA account?
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1answer
101 views

Selling stock as an adult from an old UTMA account - Who gets the check?

I have some stocks that were purchased under a UTMA sometime in the mid-90s when I was a teenager. My mother is still listed as the custodian on the account. I want to sell these shares. The stock ...
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1answer
56 views

UTMA life insurance money

Uniform Transfers to Minors Act states (Section 14, paragraph a): A custodian may deliver or pay to the minor or expend for the minor's benefit so much of the custodial property as the custodian ...
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0answers
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Lookback period for UTMA expenses

Can I use a UTMA to pay for elementary and high school education for a child in prior years? How far would the "look back" be? I've incurred $5600 in the past 4 years, and a total of about 25K in ...
2
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2answers
94 views

Uniform Gift to Minors Act - Which parent has tax implications?

I am looking to start a college savings fund for my daughter and am debating between the 529 and UGMA. I want to be able to save for her and if her grandparents pay for her college (very possible) or ...
2
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1answer
76 views

Fund choices for UTMA/UGMA accounts

My children received significant gifts from grandparents, both to be their college fund and also nest eggs/etc. if they don't go to college for some reason or post-college. The gifts are in UTMA ...
4
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1answer
376 views

How can I gift mutual funds to my 1 year old nephew?

My nephew is getting ready to turn 1 year old and I would like to gift him mutual funds. Are there any special types of accounts out there to allow this sort of gifting? I'm not looking to set up a ...
7
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3answers
1k views

Can I gift money out of a UTMA account to my child's sibling?

My Father gifted $50,000 to my daughter over a 5 year period. This money is in a UGMA account on my daughter's behalf. I now have three children. My father's intent was to provide for all of my ...
14
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2answers
2k views

Do my kids need to file a tax return?

My kids (minors) each received a gift of some stock from my wife's parents last year. The stock is in the kids' names, with my wife listed as the custodian. They each made just slightly over $100 in ...
2
votes
1answer
275 views

Want to put at least $500/yr away for my niece, but NOT for education. Choices?

I would like to put money away for my niece. I'm looking to put it somewhere that she can use the money when she turns 18/21. Also, I don't want it to be tied to education, in case she would like to ...
3
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1answer
85 views

Is there a standard or best practice way to handle money from an expiring UTMA account?

I have recently turned 21, and the UTMA account that held my college fund is being turned over to me. I have no serious experience with personal finance or investing, and I just don't know what to do ...
3
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1answer
432 views

Where to find actual legal code for Uniform Gifts to Minors Act (UGMA)?

Does anyone know where I can find the actual legal code for UGMA in Texas and the US? I can only find a bunch of sites that quote bits and pieces of the code. I couldn't find anything in the Texas ...